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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--April 26

Apr 27, 2012

Thursday Evening, April 26-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: June live cattle closed up $0.07 at $112.35
today. Prices closed nearer the session low and saw tepid
covering after prices Tuesday hit a fresh contract low. The
market is still trying to recover from the Mad Cow scare
earlier this week. Cattle bears have the solid overall
near-term technical advantage. Prices are in a two-month-
old downtrend on the daily bar chart. There are no early
technical clues that a market low is close at hand. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at $114.00.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at $110.00. First resistance is seen at today’s
high of $113.35 and then at $114.00. First support is seen
at Tuesday’s contract low of $111.57 and then at $111.00.
Wyckoff's Market Rating: 1.5

May feeder cattle closed down $0.05 at $148.55 today.
Prices closed near the session low today. Bears have the
solid near-term technical advantage. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at $150.00. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at the April low of
$146.45. First resistance is seen at $149.00 and then at
$149.50. First support is seen at this week’s low of
$147.85 and then at $147.00. Wyckoff's Market Rating: 3.0

June lean hogs closed down $0.12 at $87.45 today. Prices
closed near mid-range today. Hog bears still have the solid
overall near-term technical advantage. Prices are in a two-
month-old downtrend on the daily bar chart. There are no
early technical clues that a market low is close at hand.
The next upside price breakout objective for the hog bulls
is to push and close prices above solid chart resistance at
$89.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
the contract low of $85.80. First resistance is seen at
$88.00 and then at today’s high of $88.25. First support is
seen at today’s low of $86.90 and then at this week’s low
of $86.40. Wyckoff's Market Rating: 2.0

*. GRAINS: July corn futures closed up 6 cents at $6.07
today. Prices closed nearer the session high today on short
covering in a bear market. The key “outside markets” were
mildly bullish for corn today, as the U.S. dollar index was
weaker and crude oil prices were firmer. Recent USDA export
sales of corn also prompted some bargain hunters to step in
today. The corn bears still have the overall near-term
technical advantage. It’s very likely going to take a
significant weather market in the U.S. this summer to jump-
start any serious rally in the corn market. Corn bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $6.25. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $5.91 3/4. First resistance for July corn is
seen at $6.10 and then at $6.17. First support is seen at
$6.00 and then at $5.95. Wyckoff's Market Rating: 3.5

July soybeans closed up 3 3/4 cents at $14.79 3/4 a bushel
today. Prices closed nearer the session high today and
closed at a fresh contract and nearly four-year high close
today. Solid export demand figures for U.S. soybeans
boosted the bulls today. The key “outside markets” were
also mildly bullish for soybeans today, as the U.S. dollar
index was weaker and crude oil prices were firmer. Bean
bulls have the solid overall near-term technical advantage.
Bean prices are in a four-month-old uptrend on the daily
bar chart. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above major psychological resistance at $15.00 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the April low of $14.09 1/2. First resistance is
seen at Wednesday’s contract high of $14.96 3/4 and then at
$15.00. First support is seen at today’s low of $14.63 1/2
and then at $14.53 1/4. Wyckoff's Market Rating: 8.5.

July soybean meal closed up $4.20 at $421.40 today. Prices
closed near the session high today and closed at a fresh
contract and nearly four-year high close. Meal bulls have
the solid overall near-term technical advantage. Prices are
in a four-month-old uptrend on the daily bar chart. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at
$430.00. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $400.00. First resistance comes in at
Wednesday’s contract high of $426.60 and then at $430.00.
First support is seen at today’s low of $414.60 and then at
$410.00. Wyckoff's Market Rating: 8.5

July bean oil closed down 37 points at 55.66 cents today.
Prices closed near mid-range again today. Bean oil bulls
still have the overall near-term technical advantage. The
next upside price breakout objective for the bean oil bulls
is pushing and closing prices above solid technical
resistance at 57.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 54.50 cents. First
resistance is seen at 56.00 cents and then at this week’s
high of 56.36 cents. First support is seen at this week’s
low of 55.33 cents and then at 55.00 cents. Wyckoff's
Market Rating: 6.0

July Chicago SRW wheat closed up 9 1/2 cents at $6.36
today. Prices closed near the session high today and saw
short covering in a bear market. The key “outside markets”
were mildly bullish for wheat today, as the U.S. dollar
index was weaker and crude oil prices were firmer. Wheat
bears still have the solid overall near-term technical
advantage. However, my bias is that a market low is in
place or close at hand. Bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at $6.50 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below psychological
support at $6.00. First resistance is seen at this week’s
high of $6.47 and then at $6.50. First support lies at
today’s low of $6.24 1/2 and then at $6.20. Wyckoff's
Market Rating: 2.5.

July K.C. HRW wheat closed up 1 1/4 cents at $6.43 1/4
today. Prices closed near mid-range today. The bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at $6.75. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at $6.00.
First resistance is seen at last week’s high of $6.52 and
then at this week’s high of $6.57. First support is seen at
this week’s low of $6.36 3/4 and then at last week’s low of
$6.33 1/4. Wyckoff's Market Rating: 2.0

July oats closed down 1 3/4 cents at $3.40 today. Prices
closed nearer the session low today. Bulls still have the
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at this week’s and last week’s low
of $3.22. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.50. First support lies at $3.38 and then at $3.35.
First resistance is seen at this week’s high and the March
high of $3.45 and then at $3.50. Wyckoff's Market Rating:
6.0

*. SOFTS: July sugar closed down 54 points at 21.26 cents
today. Prices closed nearer the session low today and hit a
fresh nearly 12-month low. Sugar bears have the solid
overall near-term technical advantage and gained more
downside power today. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at this week’s high of 22.07 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 21.00 cents. First
resistance is seen at 21.41 cents and then at 21.75 cents.
First support is seen at today’s low of 21.21 cents and
then at 21.00 cents. Wyckoff's Market Rating: 2.0.

July coffee closed down 70 points at 176.05 cents. Prices
closed nearer the session low today. Coffee prices are in a
7.5-month-old downtrend on the daily bar chart. The bears
have the solid overall near-term technical advantage. There
are no early clues to suggest a market low is close at
hand. The coffee bulls' next upside breakout objective is
to close prices above solid technical resistance at today’s
high of 185.70 cents. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 170.00 cents a pound. First resistance
is seen at today’s high of 178.25 cents and then at 180.00
cents. First support is seen at 175.00 cents and then at
the April low of 173.90 cents. Wyckoff's Market Rating: 1.0

July cocoa closed up $27 at $2,278 a ton. Prices closed
nearer the session high today. The key “outside markets”
were mildly bullish for cocoa today, as the U.S. dollar
index was weaker and crude oil prices were firmer. Cocoa
trading has been choppy. However, prices are in a two-week-
old uptrend on the daily bar chart. Cocoa bears still have
the overall near-term technical advantage. The next upside
price breakout objective for the cocoa bulls is to push and
close prices above solid technical resistance at $2,350.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the February low of $2,168. First resistance is seen at
today’s high of $2,289 and then at $2,300. First support is
seen at today’s low of $2,242 and then at $2,231. Wyckoff's
Market Rating: 4.0

July cotton closed up 131 points at 92.11 cents today.
Prices closed near the session high today. The key “outside
markets” were mildly bullish for cotton today, as the U.S.
dollar index was weaker and crude oil prices were firmer.
Cotton bulls and bears are on a level near-term technical
playing field. The next upside price breakout objective for
the bulls is to produce a close above solid technical
resistance at 94.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at the April low of 86.55
cents. First resistance is seen at 92.50 cents and then at
93.00 cents. First support is seen at 91.50 cents and then
at 91.00 cents. Wyckoff's Market Rating: 5.0

July orange juice closed down 65 points at $1.4610 today.
Prices closed near mid-range today. FCOJ bears have the
solid overall near-term technical advantage. Prices are in
a seven-week-old downtrend on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.5500. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at the April contract low of $1.3930. First
resistance is seen at $1.4800 and then at $1.5000. First
support is seen at today’s low of $1.4500 and then at
$1.4175. Wyckoff's Market Rating: 2.0.

May lumber futures closed down $2.00 at $275.90 today.
Prices hit another fresh six-week high today and then
reversed course to close near the session low on some
profit taking. Still, bulls have gained some upside near-
term technical momentum. Prices are in a choppy four-week-
old uptrend on the daily bar chart. The bulls have gained
the near-term technical advantage. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
$265.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at the February high of $285.40. First
resistance is seen at $278.00 and then at today’s high of
$280.00. First support is seen at $275.00 and then at
$273.00. Wyckoff's Market Rating: 6.0

*. METALS: June gold futures closed up $18.00 an ounce at
$1,660.40 today. Prices closed nearer the session high
today and hit a fresh two-week high. Short covering and
bargain hunting were featured today. The key “outside
markets” were in a mildly bullish posture for gold today as
the U.S. dollar index was weaker and crude oil prices were
firmer. Gold bears have the slight overall near-term
technical advantage. Prices still are in a two-month-old
downtrend on the daily bar chart. However, the bulls would
gain fresh upside near-term technical momentum by producing
a bullish weekly high close on Friday. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at the April high of $1,685.40.
Bears' next near-term downside price objective is closing
prices below technical support at the April low of
$1,613.00. First resistance is seen at today’s high of
$1,662.00 and then at $1,675.00. First support is seen at
$1,650.00 and then at today’s low of $1,642.50. Wyckoff's
Market Rating: 4.5.

May silver futures closed up $0.804 an ounce at $31.16
today. Prices closed near the session high today and saw
short covering and bargain hunting. The key “outside
markets” were in a mildly bullish posture for silver today
as the U.S. dollar index was weaker and crude oil prices
were firmer. Prices are still in a two-month-old downtrend
on the daily bar chart. The silver bears still have the
near-term technical advantage. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $32.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $29.00. First resistance is seen
at today’s high of $31.26 and then at $31.50. Next support
is seen at today’s low of $30.595 and then at this week’s
low of $29.925. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed up 725 points 377.25 cents today.
Prices closed near the session high today and saw more
short covering and bargain hunting. The key “outside
markets” were in a bullish posture for copper today as the
U.S. dollar index was weaker and crude oil prices were
firmer. Copper bulls gained some fresh upside technical
momentum today and are on a level near-term technical
playing field with the bears. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 380.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the April low of
356.90 cents. First resistance is seen at today’s high of
377.45 cents and then at 380.00 cents. First support is
seen at 375.00 cents and then at 372.50 cents. Wyckoff's
Market Rating: 5.0.

*. ENERGIES: June crude oil closed up $0.46 a barrel at
$104.57 today. Prices closed nearer the session high again
today. Bulls and bears are on a level near-term technical
playing field, but the bulls are having a good week. The
next near-term upside price breakout objective for the
crude oil bulls is producing a close above solid technical
resistance at $106.00 a barrel. The next near-term downside
price breakout objective for the crude oil bears is to
produce a close below major psychological support at
$100.00. First resistance is seen at today’s high of
$104.92 and then at $105.50. First support is seen at
today’s low of $103.84 and then at 103.11. Wyckoff's Market
Rating: 5.0

June heating oil closed up 354 points at $3.2022 today.
Prices closed near the session high and hit a fresh three-
week high today. Bulls have the near-term technical
advantage and gained some more upside momentum today. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at the April high
of $3.2666. Bears' next downside price breakout objective
is producing a close below major psychological support at
the April low of $3.0885. First resistance lies at today’s
high of $3.2101 and then at $3.2300. First support is seen
at $3.1910 and then at $3.1750. Wyckoff's Market Rating:
6.0.

June (RBOB) unleaded gasoline closed up 125 points at
$3.1316 today. Prices closed nearer the session high today.
Bulls and bears are on a level near-term technical playing
field. However, prices have been trending lower for five
weeks. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$3.2913. Bears' next downside price breakout objective is
closing prices below solid support at $3.0500. First
resistance is seen at $3.1500 and then at $3.1750. First
support is seen at today’s low of $3.1088 and then at this
week’s low of $3.0744. Wyckoff's Market Rating: 5.0.

June natural gas closed down 4.0 cents at $2.13 today.
Prices closed near the session low but did hit a fresh
three-week high early on today. The bears still have the
overall near-term technical advantage. There are still no
early clues to suggest a market low is close at hand. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at today’s
high of $2.295. The next downside price breakout objective
for the bears is closing prices below solid technical
support at last Friday’s contract low of $1.982. First
resistance is seen at $2.20 and then at $2.25. First
support is seen at $2.10 and then at $2.061. Wyckoff's
Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 10 points at 1.3242 today. Prices closed nearer
the session high today and hit another fresh three-week
high. Bulls have the slight near-term technical advantage.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at
1.3300. The next downside price breakout objective for the
bears is closing prices below solid chart support at the
April low of 1.3000. First resistance for the Euro lies at
today’s high of 1.3266 and then at 1.3300. Next support is
seen at today’s low of 1.3201 and then at 1.3148. Wyckoff's
Market Rating: 5.5

The June Japanese yen closed up 49 points at 1.2352 today.
Prices closed near mid-range today. Bulls and bears are on
a level near-term technical playing field. Prices are still
in a four-week-old uptrend on the daily bar chart, but just
barely. Bulls' next upside price breakout objective is
closing prices above solid resistance at the April high of
1.2462. Bears' next downside breakout objective is closing
prices below solid technical support at 1.2200. First
resistance is seen at today’s high of 1.2402 and then at
1.2462. First support is seen at today’s low of 1.2286 and
then at last week’s low of 1.2233. Wyckoff's Market Rating:
5.0.

The June Swiss franc closed up 5 points at 1.1023 today.
Prices closed near mid-range today and hit another fresh
three-week high. The bulls have the slight near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the April high of 1.1119. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the April low of 1.0817.
First resistance is seen at today’s high of 1.1046 and then
at 1.1119. First support is seen at today’s low of 1.0992
and then at 1.0950. Wyckoff's Market Rating: 5.5.

The June Australian dollar closed up 46 points at 1.0341
today. Prices closed near the session high today. Bulls and
bears are still on a level near-term technical playing
field. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0400. The
next downside breakout objective for the bears is to
produce a close below solid technical support at the April
low of 1.0150. First resistance is seen at the April high
of 1.0380 and then at 1.0400. Next support is seen at
today’s low of 1.0295 and then at 1.0248. Wyckoff's Market
Rating: 5.0

The June Canadian dollar closed down 6 points at 1.0155
today. Prices closed nearer the session low today and did
hit another fresh eight-month high early on. The bulls have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is producing a close
above chart resistance at 1.0250. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0000. First resistance is seen
at today’s high of 1.0186 and then at 1.0200. First support
is seen at 1.0125 and then at 1.0100. Wyckoff's Market
Rating: 7.0.

The June British pound closed up 17 points at 1.6192 today.
Prices closed nearer the session high and hit another fresh
eight-month high today. Bulls have the solid overall near-
term technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.6250. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.6000. First resistance is seen at today’s high
of 1.6202 and then at 1.6250. First support is seen at
today’s low of 1.6154 and then at 1.6077. Wyckoff's Market
Rating: 7.0.

The June U.S. dollar index closed down 11 points at 79.00
today. Prices closed nearer the session low today and hit
another fresh three-week low. Bears have the slight near-
term technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the April high of 80.38. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the April low of
78.79. Next resistance lies at today’s high of 79.17 and
then at 79.41. First support is seen at today’s low of
78.90 and then at 78.79. Wyckoff's Market Rating: 4.5.

June U.S. T-Bonds closed up 18/32 at 142 16/32 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. Prices are in a six-
week-old uptrend on the daily bar chart. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at 141 even. The next
upside technical objective for the bulls is to produce a
close above solid technical resistance at 144 even. First
resistance is seen at today’s high of 142 27/32 and then at
this week’s high of 143 4/32. First support is seen at 142
even and then at today’s low of 141 22/32. Wyckoff's Market
Rating: 6.5.

June U.S. T Notes closed up 10.0 (32nds) at 132.00.0 today.
Prices closed nearer the session high today. Bulls have the
solid overall near-term technical advantage. Prices are in
a six-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the January and February
high of 132.05.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 130.16.0. First resistance is seen at
132.05.0 and then at 132.16.0. First support is seen at
today’s low of 131.19.0 and then at 131.14.5. Wyckoff's
Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again today as bulls are regaining upside near-term
technical momentum. Traders have digested the latest
statement of the Federal Open Market Committee and deemed
it to be overall bullish for the stock indexes as it gave a
generally upbeat assessment of the overall U.S. economic
condition. Traders now await Friday morning’s U.S. GDP
report.

The Nasdaq stock futures index closed up 16.00 at 2,720.50.
Prices closed near the session high again today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 2,800.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at the March low of 2,575.00. First
resistance is seen at today’s high of 2,727.00 and then at
2,735.00. First support is seen at today’s low of 2,695.00
and then at 2,675.00. Wyckoff's Market Rating: 7.0

The S&P 500 futures index closed up 9.60 at 1,396.80.
Prices closed near the session high today and hit a fresh
three-week high. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
March high of 1,419.60. The next downside price breakout
objective for the bears is closing prices below solid
support at the April low of 1,352.50. First resistance is
seen at 1,400.00 and then at 1,419.60. First support is
seen at today’s low of 1,381.10 and then at Wednesday’s low
of 1,371.00. Wyckoff's Market Rating: 7.0.

The Dow futures closed up 120 points at 13,160 today.
Prices closed near the session high today and hit a fresh
three-week high. The next upside price objective for the
bulls is closing prices above solid technical resistance at
the March high of 13,220. The next downside price objective
for the bears is closing prices below solid technical
support at last week’s low of 12,650. First resistance in
the Dow lies at today’s high of 13,167 and then at 13,200.
First support is seen at 13,100 and then at today’s low of
13,025. Wyckoff's Market Rating: 7.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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